Technical Outlook: The USDCHF gave up the gains from 0.9730 and pushed lower to test the previous support at 0.9564. Price action suggests that the inverse head and shoulders pattern is still in play. However, price action at 0.9564 will be crucial. A reversal off this level is required for USDCHF to post a reversal. A retest of the inverse head and shoulders neckline resistance needs to be cleared for further gains towards 0.9861. In the event that USDCHF breaks below 0.9564, then the inverse head and shoulders pattern could be invalidated with the next support coming in at the July lows of 0.9454.
Fundamental Outlook: Switzerland’s economic calendar this week will focus on the retail sales and manufacturing PMI numbers which are unlikely to move the market much. Amid a rather quiet trading week, the Swiss franc will be looking to clues from the U.S. dollar which is heading into a rather busy week. In the U.S. important economic releases this week include the second GDP estimates for the second quarter, while on Friday the payrolls report will keep the markets on the edge.
Previous USDCHF Weekly Forex Forecast
USDCHF Weekly Forex Forecast – 28th Aug to 1st Sept 2017
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